CARM Timeline on Late Payment Penalties and Interest
Trade Update • January 23, 2025
The Canada Border Services Agency (CBSA) has issued a notice detailing the timeline for temporary relief from late payment penalties and interest. This relief will apply from January 20, 2025, through to the March billing period due date of March 31, 2025. However, the CBSA has outlined key dates for the resumption of penalties, interest, and collection measures.
Resumption of Late Payment Penalties
Effective April 1, 2025, any account with an overdue balance from the March 2025 Statement of Account (SOA) will be subject to late payment penalties.
Accrual of Late Payment Interest
Starting April 4, 2025, late payment interest will begin accruing on accounts with overdue balances. This interest will be reflected in the SOA issued on April 25, 2025.
Collection Measures for Unpaid Accounts
Accounts with outstanding SOAs that remain unpaid beyond their due dates will be referred to the Canada Revenue Agency (CRA) for collection action.
For more details on CARM, please visit our page here.
We’re here to guide you every step of the way. If you have any questions or concerns, please reach out to us via email – carm@ghy.com, or phone 1-833-GHY-CARM.
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